Thomas County cat. [volume] (Colby, Kan.) 1885-1891, 1887-11-24
PARrNEasAIp LAWS


a Synopsis Of Legal Dseisious Relating -
JOINT Business Enterprises.
When a partnership is formed for q
definite periol it is dissolved by the
expiration OF that period.
The death or insanity Of any partner
operates rs dissolution.
Tho conviction of partner on q
criminal charge. and sentences to inn
prisonment for life dissolves the par
nership.
If one partner becomes individually
insolvent. and makes ~ individual
assignment for the benefit Of his pri-
vate creditors. the partnership is
thereof dissolved.
Each partner is expected to give q
reasonable amount of his time and at
tention to the business of the firm. In
case of his refusal or neglect to do So.
the other partner or partners may ask
for dissolution aud then reorganize
without him.
Between the partners themselves the
provisions of the articles are binding.
each member of the firm. But they
are not binding upon third persons
who have dealings with the firm, I'M
less the articles are shown to them. or
they are aware in some way of their
tenor.
Partners are trustees for each other
rs among themselves. while they are
agents of each other rs to third per-
sons. As trustees. therefore, every
thing they do must inure to the benefit
Of the firm. No partner can take ad-
vantage of his position as partner to
obtain any private gain for himself.
The test Of partnership is COM
munity of interest an agreement to
share both profits and losses. and
right to voice in tho direction of the
affairs of the firm.
As q rule. no partner can sue his co.
partner on any matter connected with
firm affairs. rs long rs the partnership
continues. He can. however, sue for
any private or distinct debt.
Each partner is q general agent.
with broad powers to act for and bind
the firm.
Each partner has the power to buy
and sell goods. and to assign any or
all Of the property of the iirn.
Each partner can borrow money.
nd give promissory notes of the firm
as security for the loan. He can
compromise or release debts duo the
firm in full. even if it takes all the as
sets of the partnership
The authority of partner is con-
fined to the general scope and custom
of the business. While he may sign
notes or checks and accept bills of ex-
change. this must be com mercial paper
in the ordinary course of the business
of the firm. He can not bind the firm
by note in favor of private or in
div:dual creditor in payment Of pri-
vate debt without the consent of the
other partners.
Nor can one partner issue accOmmo-
dation paper; that is. sign the note Of
another firm or individual. rs surety
or indorser. in the firm name. so Is to
bind the other PARTNERS without their
knowledge and consent. In suei, a
case. the partner signing would be per-
sonaily liable. but not the firm.
One partner can not alone execute
and bind the firm by any instrument
under seal. except the release of \
debt. All the partners must execute
deeds and mortgages of the partner.
ship property. powers II attorney.
etc. in order to make them valid.
The partnership creditors are en;i-
tied to he paid their debts in full out
of the assets or property Of the part
nership before the individual creditoak
of any one partner can claim any
thing. -D7u Good, Chronicle.